Binance Unveils Changes in Türkiye in Accordance with Regulation

Major cryptocurrency exchange Binance has revealed some changes it is making to its services in Türkiye.

Binance Removes Turkish Language Option for Users

In a letter to Binance users, the exchange highlighted the few changes recently introduced in Turkey. Over the next 3 months, the Turkish language option on the platform will be gradually withdrawn until it is removed. Secondly, all direct marketing activities for Binance users in the region will be suspended.

Binance said these changes are part of the exchange’s commitment to maintaining transparency and regulatory compliance on its platform.

These decisions may impact Turkish users’ interaction with the Binance platform, but the exchange believes that they are the next necessary steps to take. It assured users of the safety of their funds, adding that deposit and withdrawal functions will remain active for its Turkish users.

Binance noted that it has been closely monitoring regulatory developments in Turkey. The company highlighted its commitment to cooperating with regulators in multiple jurisdictions. It noted that its goal is to support a compliant business environment for users.

Binance Faces Regulatory Challenges

Like Coinbase, Binance has been working to convince U.S. regulators to establish a strong regulatory framework for the region. The company is one of the victims of the United States Securities and Exchange Commission (SEC) crackdown on cryptocurrency exchanges in 2023. He was indicted by the regulator on a pair of charges, including operating as an unregistered broker in the region. He was also accused of commingling corporate and client assets, misuse of client funds, and possible manipulation of the native token market.

Its founder, Changpeng ‘CZ’ Zhao, who stepped down from his position as CEO of the exchange last year, is currently facing a four-month prison sentence. He was accused of leading the exchange to hack Anti-Money Laundering (AML) Regulations and pleaded guilty to the charge. Binance is facing the same situation challenges in Nigeria with two of its executives caught among the authorities in the West African nation. So far, its services are currently limited in Nigeria.

While the exchange says it made these changes to its Turkish platform after careful monitoring, the move could signal the company’s gradual exit from the region.

To know more: SEC May Approve First US Ether ETFs by Mid-July: Bloomberg

Source